Quick Tips for First-Time Home Buyers

Buying your first home is one of the most significant decisions you will make. Here are some tips for making it also one of the best decisions you ever make.

1. Decide What You Want

Don't let others tell you what YOU want in your first home. Make a list of the things you desire in a home. Don't hold back. List them all out. Then, make a list of things you do NOT want in a home. These lists should include every aspect of your first home, including yard space, size, neighborhood, schools, etc.

Now, go back through your lists and rank-order them. This is where you have to put your "realist" hat on. You know you probably won't get everything you want, but at least decide what the "must-have" and the "definitely not" items are.

Now, working with the two rank-ordered lists, put together a one-page checklist that you carry with you, especially on house-hunting trips.

2. Be Proactive

Research the realtors in your area and get to know the housing market. Be an informed, proactive buyer. The Internet can be a great resource here. The same is true for friends, relatives, and co-workers. Use your network.

3. Don't be Afraid to Ask Questions

Once you identify the right realtor, do NOT be shy about asking questions. Ask away. When visiting a home, don't be shy about asking the sellers (or their agent) plenty of questions. Be friendly about it, but be thorough.

4. Know the Market Prices

Asking prices are negotiable. Always compare the asking price of the homes you're considering to recent sales in the area.

5. Bring a Devil's Advocate

Involve a friend or relative in the process who can be a devil's advocate. This is crucial when making such a large purchase. You don't want to be carried along by emotion or excitement. These things can inhibit your otherwise sound judgment.

If you follow the above suggestions, you'll at least be off to a good start in shopping for your first home. Good luck.